- BTC resisted by $57,000.
- Support was found at $55,500.
- Next resistance at $58,000.
Today’s Bitcoin price prediction is bearish as the market has set a lower low after setting a lower high around $59,200 on Monday.
BTC/USD opened at $55,962 after pushing lower late yesterday. Previous support at $57,000 was clearly broken, and the Bitcoin price action established a new lower low. Therefore, we can expect BTC/USD to retrace later today as it looks to set another lower high.
Bitcoin price movement in the last 24 hours
The BTC/USD price moved in a range of $13.71 – $15.73
BTC/USD 4-hour chart – BTC retraces back to the upside and retests $57,000
On the 4-hour chart, we can see the market peaking at $55,500 overnight and consolidating for several hours. Earlier today, the Bitcoin price action momentum shifted and started retracing to the upside to set another lower high.
Overall, Bitcoin has become bearish over the past few days. After rallying by almost 20 percent from $51,000 at the end of March, the market found strong resistance at the $60,000 mark. As BTC/USD price approached this resistance, we saw a substantial reduction for the previously bullish price momentum.
At the end of March and the beginning of February, the Bitcoin price action moved sideways until support around $58,000 was broken on the 3rd of April. From there a lower high was set around $59,500, and the market reversed again. This resulted in another push lover over the last 24 hours, with another lower low being set at the $55,500 mark.
Currently, Bitcoin has started to push higher after consolidating for several hours above the $55,500 support. First resistance at $57,000, which previously served as support, is likely to offer some resistance. However, when considering the overall bearish wave, we are likely to see BTC/USD retrace higher towards the next resistance level at $58,000.
From there, the Bitcoin price action will likely reject further upside and set another lower high. This means that further downside should be seen later this week, with the $54,000 level as the next target for the next downswing lower.
If the $54,000 level is reached, the bearish momentum should start to diminish as the market price would have retraced enough of the previous gains. Therefore, bulls would have a good incentive to start pushing the market higher, which should lead to a reversal back to the upside.
Bitcoin Price Prediction: Conclusion
Bitcoin price prediction is bearish as the market has broken below the previous support around $57,000 and moved lower until support was found at $55,500. Right now, we expect BTC/USD to move higher and retrace some of the loss seen overnight as it likely prepares to set another lower high. The first resistance level is seen at $57,000, which is likely to be broken. The next resistance is located around $58,000.
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